Why You Need To Choose The Right Company While Transferring Money Abroad

As someone intending to send money abroad – either to your loved ones or for business purposes – you would desire to get most, if not all, of the funds to your recipient. But if you don’t research about money transfer companies and compare rates, you can end up enriching the companies rather than enriching your recipient. Let’s admit the obvious: sending money from one country to another is no small thing. As such, no one should expect the service to be free of charge. However, the abundance of money transfer companies means that you can always switch between platforms to get the best deals.

Some of the frontline companies that help people with sending money abroad include WorldRemit, Western Union, Payoneer, PerfectMoney, PayPal, and Transferwise. Several others exist, depending on which location a person resides. There is a bank-to-bank international transfer also known as Bank Wiring, too. Each method or company has its pros and cons regarding their fees and delivery time.

In selecting a company to help you transfer money abroad, you should consider a few things. One of those things is the delivery time. If your recipient needs to get the cash almost immediately for settling a bill or other existential needs, you may have to rule out transfer companies that take days to remit money sent through them. While most transfer companies have instant delivery capacities, some like Western Union and Bank Wiring can take time.

Another factor that can help to choose the right company for your international money transfer is their widespread presence. While a transfer company may offer a quick remittance with low fees, what difference does it make if it doesn’t support your recipient’s country? Some payment means such as PayPal allows sending for some countries while they block their capacity to receive funds. So, if your recipient won’t be able to use the services of such a transfer company legally, it is not worth it.

Now, let’s get to the fees and exchange rates. Since you are considering an international transfer, there would be the need to convert between currencies. And this is where discrepancies occur in how money transfer companies calculate their charges. Some companies like WorldRemit and Transferwise have a fixed transfer fee for different amounts. The same applies to Bank Wiring. Generally speaking, the more money you plan to send, the more fees you will have to pay. PayPal and some other money-sending platforms charge a percentage of what you send plus a currency conversion fee.

Assuming all these transfer companies meet the criteria of swiftness and presence in your recipient country, you should take time to calculate how much you will be paying as fees and how much your recipient will eventually get before you use their service. Also, some of these transfer companies use different exchange rates; so, compare their exchange rates and fees before settling for one. Interestingly, once you do this analysis, you won’t have to continue doing so as you would have known which company offers the best transfer deal for your desired country.

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